Econframe Bhd (XKLS:0227) Beneish M-Score: -2.82 (As of Jul. 06, 2026)

What is Econframe Bhd Beneish M-Score?

Econframe Bhd XKLS:0227 -1.85% 59 Beneish M-Score is -2.82 as of Jul. 06, 2026. GuruFocus rates XKLS:0227 with a GF Score™ of 59/100 and a GF Value™ of RM0.91 (Significantly Undervalued). The stock has 6 warning signs investors should review. Among 1,700 Construction companies, Econframe Bhd ranks better than 74.29% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Econframe Bhd's Beneish M-Score or its related term are showing as below:

XKLS:0227' s Beneish M-Score Range Over the Past 10 Years
Min: -2.82 Med: -1.92 Max: 12.44
Current: -2.82

During the past 9 years, the highest Beneish M-Score of Econframe Bhd was 12.44. The lowest was -2.82. And the median was -1.92.

Econframe Bhd Beneish M-Score Related Terms

Econframe Bhd Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Econframe Bhd's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Econframe Bhd Beneish M-Score Chart

Econframe Bhd Annual Data

Trend

Aug17

Aug18

Aug19

Aug20

Aug21

Aug22

Aug23

Aug24

Aug25

Beneish M-Score

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-1.60

-1.92

-1.96

10.99

-2.57

Econframe Bhd Quarterly Data
	May21	Aug21	Nov21	Feb22	May22	Aug22	Nov22	Feb23	May23	Aug23	Nov23	Feb24	May24	Aug24	Nov24	Feb25	May25	Aug25	Nov25	Feb26
Beneish M-Score	Get a 7-Day Free Trial															-2.34	-2.21	-2.57	-2.43	-2.82

XKLS:0227 vs TT, JCI, CARR: Beneish M-Score Comparison

For the Building Products & Equipment subindustry, Econframe Bhd's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Econframe Bhd Beneish M-Score vs Construction Industry

For the Construction industry and Industrials sector, Econframe Bhd's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Econframe Bhd's Beneish M-Score falls into.

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59GF Score

Econframe Bhd XKLS:0227

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Econframe Bhd Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Econframe Bhd for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 0.7238

0.528 * 1.0906

0.404 * 0.6366

0.892 * 1.4295

0.115 * 2.0549

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9731

4.679 * -0.057212

0.327 * 1.7026

-2.82

This Year (Feb26) TTM:

Last Year (Feb25) TTM:

Total Receivables was RM51.1 Mil.
Revenue was 36.831 + 39.535 + 34.468 + 28.417 = RM139.3 Mil.
Gross Profit was 8.666 + 8.468 + 6.88 + 8.859 = RM32.9 Mil.
Total Current Assets was RM102.4 Mil.
Total Assets was RM195.4 Mil.
Property, Plant and Equipment(Net PPE) was RM80.7 Mil.
Depreciation, Depletion and Amortization(DDA) was RM5.7 Mil.
Selling, General, & Admin. Expense(SGA) was RM18.5 Mil.
Total Current Liabilities was RM39.0 Mil.
Long-Term Debt & Capital Lease Obligation was RM20.0 Mil.
Net Income was 1.148 + 2.473 + -4.896 + 2.902 = RM1.6 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = RM0.0 Mil.
Cash Flow from Operations was 5.107 + 2.3 + 4.494 + 0.908 = RM12.8 Mil.

Total Receivables was RM49.4 Mil.
Revenue was 25.354 + 22.682 + 24.435 + 24.939 = RM97.4 Mil.
Gross Profit was 7.475 + 7.045 + 6.054 + 4.506 = RM25.1 Mil.
Total Current Assets was RM92.3 Mil.
Total Assets was RM150.3 Mil.
Property, Plant and Equipment(Net PPE) was RM43.1 Mil.
Depreciation, Depletion and Amortization(DDA) was RM6.8 Mil.
Selling, General, & Admin. Expense(SGA) was RM13.3 Mil.
Total Current Liabilities was RM24.9 Mil.
Long-Term Debt & Capital Lease Obligation was RM1.8 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(51.112 / 139.251)	/	(49.397 / 97.41)
	=	0.367049	/	0.507104
	=	0.7238

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(25.08 / 97.41)	/	(32.873 / 139.251)
	=	0.257468	/	0.23607
	=	1.0906

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (102.367 + 80.711) / 195.448)	/	(1 - (92.292 + 43.099) / 150.336)
	=	0.06329	/	0.099411
	=	0.6366

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	139.251	/	97.41
	=	1.4295

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(6.766 / (6.766 + 43.099))	/	(5.706 / (5.706 + 80.711))
	=	0.135686	/	0.066029
	=	2.0549

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(18.526 / 139.251)	/	(13.317 / 97.41)
	=	0.13304	/	0.136711
	=	0.9731

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((19.974 + 39.016) / 195.448)	/	((1.781 + 24.869) / 150.336)
	=	0.301819	/	0.17727
	=	1.7026

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(1.627 - 0	-	12.809)	/	195.448
	=	-0.057212

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Econframe Bhd has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.82 mean?

Econframe Bhd (XKLS:0227) has a Beneish M-Score of -2.82 as of Jul. 06, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Econframe Bhd and its competitors. According to the industry distribution chart, Econframe Bhd ranks #437 out of 1700 companies in the Construction industry, placing it in the top 25.7%.

Is Econframe Bhd's Beneish M-Score too high?

Econframe Bhd's current Beneish M-Score is -2.82. Based on the distribution chart, Econframe Bhd ranks #437 out of 1700 companies in the Construction industry, which is above the industry midpoint. Overall, Econframe Bhd has a GF Score™ of 59/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.

How does Econframe Bhd's Beneish M-Score compare to TT and JCI?

According to the Construction industry distribution chart, Econframe Bhd ranks #437 out of 1700 companies for Beneish M-Score. This puts Econframe Bhd in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for a Construction company?

A good Beneish M-Score depends on the Construction industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Econframe Bhd and its competitors. Econframe Bhd's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Econframe Bhd stock overvalued right now?

Based on GuruFocus' analysis, Econframe Bhd (XKLS:0227) is currently considered Significantly Undervalued. The stock's GF Value™ is RM0.91, compared to a current price of RM0.27 — trading 70.9% below its estimated fair value. The current Beneish M-Score is -2.82. Econframe Bhd's overall GF Score™ is 59/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Econframe Bhd (XKLS:0227), the current Beneish M-Score is -2.82 as of Jul. 06, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Econframe Bhd (XKLS:0227) Overvalued in 2026?

Based on GuruFocus' analysis, Econframe Bhd stock appears to be undervalued. The current stock price of RM0.27 is trading 70.9% below its estimated GF Value™ of RM0.91. GuruFocus considers Econframe Bhd to be Significantly Undervalued.

Key valuation signals for XKLS:0227:

Beneish M-Score: -2.82
GF Value™: RM0.91 vs. price of RM0.27 (70.9% below fair value)
GF Score™: 59/100 with 6 warning signs

No single metric tells the full story. See the XKLS:0227 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Econframe Bhd Business Description

Industry Industrials Construction

Comparable Companies XKLS:7235 XKLS:9121 XKLS:7232 XKLS:7165 XKLS:7016 XKLS:7086 XKLS:7133 TT JCI CARR XPAR:SGO TSE:6367 XSWX:GEBN LII MAIR DUB:KRX MAS CSL XSWX:BEAN WMS

Address No. 1, Jalan 27A, Sungai Rasau Industrial Area, Kawasan 16, Kaw. Perindustrian Sungai Rasa, Klang, SGR, MYS, 41300

Website https://www.econframe.com

Econframe Bhd is an investment holding company. Its subsidiaries are engaged in the manufacturing and sales of doors, door and window frames, glass processing, and fabrication and installation of aluminium glazing, glass products, and facade works. The Group operates in three reportable operating segments: Manufacturing, which focuses on doors, frames, glass and facade works and generates the majority of revenue; Trading, which involves trading of doors and ironmongery and the trading and provision of installation services for solar energy products and systems; and Investment holding, which provides corporate and financial support to the Group. The Group operates predominantly in Malaysia.

59GF Score

Get the complete analysis for XKLS:0227

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

RM0.27

Price

RM0.91

GF Value

View XKLS:0227 Analysis

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